4:118 In line with the IFD and EBA/GL/2021/13, the Annex to the Brokerage Supervision Act specifies the rules applicable to termination payments, including severance payments.

4:119 In general, termination payments always constitute variable remuneration. Therefore, such payments should be subject to the rules applicable to variable remuneration.

4:120 However, the Annex to the Brokerage Supervision Act and the aforementioned EBA Guidelines provide for a limited number of exhaustively listed situations in which severance pay (or a portion thereof) may be excluded for the purpose of (i) calculating the ratio of fixed to variable remuneration and (ii) applying the rules on deferral and payment in instruments.